Viet Nam’s enterprises should promote the transfer of technology from Israel to develop their businesses and also increase trade promotion activities to this market.

Le Thai Hoa, deputy director of the Asia-Africa Market Department under the Ministry of Industry and Trade, said this at a seminar on trade promotion to Israel held by the Ministry of Industry and Trade in Ha Noi on Thursday. The seminar was aimed at updating Vietnamese enterprises with information about the Israeli market.

Hoa said in the field of agriculture, Israel is one of the countries with a developed agricultural sector so, Viet Nam can become a potential market for Israeli enterprises in the fields of manufacturing and production of high-tech agricultural machinery.

Key export products of Viet Nam will have the chance to enter the Israeli market, especially agricultural products such as rice, coffee, tea, and pepper, as well as furniture, garments and shoes.

Israel is an easy market but it still needs quality goods. The market does not have many customers, but their income is quite high. Consumers in this market segment demand high quality and reasonably priced goods, he said.

To enter the market quickly and efficiently, Vietnamese enterprises should participate in trade fairs. This is the best way for Israeli consumers to discover Vietnamese products, Hoa said.

In addition, local businesses need to coordinate with relevant agencies to organise advertisement programmes, trade promotions and seminars to advertise Vietnamese goods.

Le Hoang Tai, deputy head of the Viet Nam Trade Promotion Agency, said that since the establishment of diplomatic relations in 1993, the two countries have established cooperative relations in many fields.

The bilateral trade value of Viet Nam and Israel increased from US$68 million in 2005 to some $1 billion in 2017, Tai said. Of this, Viet Nam exported goods and services worth $700 million to Israel and saw imports worth $345 million from Israel.

By 2017, Israel had 26 direct investment projects in Viet Nam, with a total capital of over $47 million, ranking 11th out of 56 countries and territories investing in Viet Nam. These include seven projects in the manufacturing and processing industry with a total capital of some $25 million.

Meanwhile, Israel has committed to providing a $250 million credit package to Vietnamese businesses in the near future. — VNS